Industrial Wearables Market

Global Industrial Wearables Market Size (2024–2032)

The Global Industrial Wearables Market was worth US$ 4.71 billion in 2023 and is anticipated to reach a valuation of US$ 208 billion by 2032 from US$ 7.17 billion in 2024, and it is predicted to register a CAGR of 52.33% during the forecast period 2024-2032.

MARKET SCENARIO

In industries like manufacturing, logistics, mining, and aerospace and defence, industrial wearable devices are designed to boost working productivity, safety, and efficiency. Industrial wearables are devices that may be easily attached to the flesh and supply real-time information or tracking. These wearables include a spread of sensors, controllers, and monitoring platforms that track and save data within the cloud.

Wearable gadgets are utilised for a range of reasons, including preserving fitness and health and boosting athletic performance. Wearables have thus become popular among the commercial workers since they combine data from multiple activities and technologies into one small gadget. the amount of such gadgets is projected to rise within the future as cellular communication and data transmission improves day by day, and these wearables also can be connected to mobile devices.

MARKET DRIVERS

For successful communication, wearable technology is increasingly being integrated with management systems like CRM and face recognition.

Furthermore, businesses within the manufacturing industry are using AR and VR technology in training domains like knowledge transfer for front-line workers, which is propelling the commercial wearables market forward. apart from that, the market is driven by automation in manufacturing facilities and enhancements in technologies like IoT, AI, and cloud. Investments in automation, the event of latest and innovative products, and also the rise of wearable devices, on the opposite hand, give new avenues for the business.

The increasing popularity of wearable devices could be a major factor driving market growth. These devices provide unique ways to complete regular activities, from checking messages to tracking physical activity. Increased adoption of those devices within the industrial sector will fuel the marketplace for industrial wearables. Increased need for workplace safety, furthermore as a rise within the use of business wearables within the industry. because of rapid technological breakthroughs and a renewed concentrate on innovation and miniaturisation, businesses across industries are trying to further consumerism IT by turning their focus off from mobile phones and tablets and toward wearable gadgets. Wearable technology adds a brand new layer of safety to the automotive industry by allowing drivers to observe important health factors and take action within the event of an emergency, also as delivering immediate and visceral notice and knowledge instead of counting on warning lights or chimes.

MARKET RESTRAINTS

The market's growth is being stifled by the limited acceptance of these products in price-sensitive industries and SMEs.

Furthermore, the recent COVID-19 pandemic has had a substantial impact on industrial activity and is expected to negatively impact market growth in the coming years. As a result, the industrial wearable market is expected to increase at a moderate annual pace year over year in the next years as sectors try to recover from the unanticipated consequences of the pandemic.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Industrial Wearables Market Analysis By Device Type

• Smart Watches.
• AR Glasses.
• Headsets.
• Smart Bands.

AR Glasses Segment is expected to witness the highest CAGR growth in the Global Industrial Wearables Market During the Forecast Period. AR glasses are becoming increasingly popular in the automobile, aerospace, and other manufacturing industries. Because AR glasses enable experts or supervisors to provide real-time remote help to workers, it becomes a great solution for industries to raise productivity, decrease downtime, ensure quality, and improve customer happiness. This wearable also improves the technician's training programme by providing additional professional support. AR glasses are predicted to rise rapidly in the next years as a result of these benefits for various industries.

Global Industrial Wearables Market Analysis By Component

• Sensors.
• Displays.
• Connectivity.
• Processors.

Processors Segment is expected to have the prominent share in the Global Industrial Wearables Market During the Forecast Period. For all technicians, having process information on a wearable device provides unrivalled benefits. WIIOT (Wearable Industrial Internet of Things) is a rapidly evolving field that will witness numerous advancements in the coming years. The high-speed data networks that present in industrial premises contexts provide an environment where wearable IIoT can thrive. The capacity to interact with a variety of sensor data is critical for wearable data-based devices. How data is collected and then used to make practical decisions is an important aspect of how wearable technologies will evolve across industries.

Global Industrial Wearables Market Analysis By End-User Industry

• Manufacturing.
• Automotive.
• Aerospace & Defence.
• Oil & Gas.
• Power & Energy.

Automotive Segment is expected to have the dominant share in the Global Industrial Wearables Market During the Forecast Period. Component assembly is a time-consuming job that needs the operator to follow various instructions in the Automobile industry. AR devices aid the operator by displaying important instructions and standard operating procedures. This improves production while reducing the danger of defects. Wearables save time and money in the manufacturing process, as well as assuring optimal production planning, accurate production, and quality improvement and assurance. As a result of these factors, the automotive industry is expected to see an increase in demand for industrial wearables.

REGIONAL ANALYSIS

North America is expected to have the dominant share in the Global Industrial Wearables Market During the Forecast Period. This region's market is projected to be driven by the presence of key industrial wearables industry competitors. Players are focusing on developing various forms of wearables, including AR glasses and VR headsets, to fulfil the needs of diverse end-user sectors. Because North American companies were among the first to adopt digitalization and connected technologies to boost efficiency, the area is likely to see significant market expansion. In North America, the automotive industry is focusing on integrating AR glasses to automate car model setup, configuration, calibration, and quality checks, which will boost the industrial wearables market significantly over the forecast period.

Asia-Pacific is expected to witness the highest CAGR growth in the Global Industrial Wearables Market During the Forecast Period. Due to factors such as government initiatives such as Made in China 2026, which promote the adoption of industrial IoT and smart manufacturing technologies, government aid for the adoption of advanced communications technologies such as 5G, and the use of AR glasses and other wearables in automotive and other critical applications, Asia Pacific is expected to be one of the fastest-growing markets for industrial wearable devices. The growing investment in AR technology by Chinese companies is expected to enhance the Asia Pacific industrial wearable devices industry.

MARKET KEY PLAYERS

1. Alphabet Inc.
2. DAQRI LLC
3. EUROTECH Spa
4. Fujitsu Ltd.
5. Generalscan Electronics Co. Ltd.
6. Honeywell International Inc.
7. Lenovo Group Ltd.
8. Magic Leap Inc.
9. Microsoft Corp.
10. OM Digital Solutions Corp.

RECENT HAPPENINGS IN THE MARKET

• Security threats are becoming more complicated, posing product development issues in the Internet of Things (IoT), consumer, industrial, medical, and other markets. Microchip has introduced an Arm Cortex-M23 based microcontroller. These gadgets must have robust inbuilt security while still having a low power consumption to extend battery life.
• Field-View from Zurich makes crop reporting easier; Kinetic Enhances Wearables with 'Jump Detection,' and Beat Capital to Launch MGAs Zurich claims that the inclusion of Field-View to One Shield simplifies the process of capturing and reporting a policyholder's planting and production data. The procedure of reporting acreage and harvested production is one of the most time-consuming tasks for RCIS crop insurance brokers and policyholders, according to the insurer.